Mere Non-Deposit in Capital Gains Account Scheme Not Fatal to Section 54F Claim

Parthasarathy Venkates Babu Vs ITO (ITAT Bangalore) Bengaluru ITAT: Section 54F Exemption Cannot Be Denied Merely for Non-Deposit in Capital Gains Account Scheme The Bengaluru ITAT held that exemption under section 54F cannot be denied merely because the assessee failed to deposit the unutilised sale consideration in the Capital Gains Account Scheme (CGAS) before the due date under section 139(1), where the entire amount was ultimately invested in constructing a residential house within the statutory period. The assessee had sold a property for ₹1.28 crore, purchased a plot, and completed co...